RAM Energy Resources, Inc. February 18, IPAA OGIS Florida Small Cap Energy Conference

2 Disclosure Statement This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, including, without limitation, statements that address estimates of RAM’s proved reserves of oil, gas and natural gas liquids, its derivative positions, the impact of derivatives, exploration activities, capital spending, borrowing availability, financial position, business strategy, management’s objectives, future operations, and industry conditions, are forward-looking statements. Although RAM believes that the expectations reflected in such forward-looking statements are reasonable, RAM can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from RAM’s expectations (“Cautionary Statements”) include, without limitation, the actual quantities of RAM’s oil and natural gas reserves, future production levels, future prices and demand for oil and natural gas, the results of RAM’s future exploration and development activities, future operating, development costs and future acquisitions, the effect of existing and future laws and governmental regulations (including those pertaining to the environment), the continued availability of capital and financing, and the political and economic climate of the United States as well as risk factors listed from time to time in our reports and documents filed with the SEC. All subsequent written and oral forward-looking statements attributable to RAM, or persons acting on RAM’s behalf, are expressly qualified in their entirety by the Cautionary Statements.

3 Company Overview - Areas of Operation = Rig working/planned Area of focus in preliminary 2009 capital budget

4 Consistent with RAM’s historical strategy, non-acquisition capital expenditures in 2009 remain within cash flow Aim is to offset production decline while keeping flexibility in uncertain and volatile hydrocarbon price environment Focus spending on lower risk development projects with high internal rate of return and quick payback: -Mature oil fields of Electra/Burkburnett, N.E. Fitts and Allen -South Texas – continue successful development of La Copita and West Lissie areas Other strategic projects positioning for Seismic -Osage Concession RAM Preliminary 2009 Capital Expenditure Plan

5 Assumptions (1) -Year-end 2008 oil, gas and NGL strip prices of $53/Bbl, $6/Mcf and $34/Bbl respectively -Implied gains of $16 - $18 MM from derivative positions in place at 12/31/08 -Asset sales of $5 - $10 MM -Interest expense of $17 - $18 MM Targets -Production flat with 2008 level -EBITDA of $60 - $65 MM -CAPEX program $40 - $45 MM -Voluntary debt repayment $8 - $12 MM Immediately accretive 1) Assumes existing realizations and derivatives in force at 12/31/08 remain intact for 2009 year

6 RAM Three Year Production Growth RAM Three Year Production Growth

7 Derivative Positions For calendar year 2009 RAM has total of 1,048,500 barrels of oil or 2,873 barrels per day of production hedged at an average floor price of $64.11 RAM also has a total of 4.6 BCF or 12,570 MCF per day of its natural gas production hedged at an average floor price of $7.12 per MCF for 2009

8 Mature Oil Fields - North Texas Electra / Burkburnett 2009 CAPEX: $ 8 million plus 48 wells planned PUD Inventory over 100 locations ­Two year drilling inventory at 2008 planned activity level ­Multiple year inventory of non- PUD well locations

9 Mature Oil Fields – North Texas Electra / Burkburnett - Type well Economics Wichita / Wilbarger counties Texas (1) Assumed flat pricing for life of production

10 8 wells drilled and completed in CAPEX: approximately $1 million RAM is operator with 97% Working Interest Infill and waterflood reconfiguration program under review Outperformed last year’s production forecast PUD Injectors PDP Allen Field Fitts Field Mature Oil Fields – Oklahoma Pontotoc County

11 Mature Oil Fields – Oklahoma NE Fitts and Allen Fields Type well Economics (1) Assumed flat pricing for life of production

12 6 wells spud during 2008 Inventory of 27 PUD, 13 Probable, and 31 Possible locations Six wells completed in La Copita (Vicksburg formation), combined average initial daily flow rate over 3.0 Mmcf/d (2 – 5 MM/D range) Field revitalization development project (9,800’ Wilcox) Wiese #1, testing Gas Thomas Trust #1, testing Gas Potential for 15 more locations RAM is operator with 100% Working Interest in most wells PUD - Probable - Possible South Texas (1) VicksburgWilcox _______________ (1) Data as of February 2009

13 La Copita Field, Texas Vicksburgh Formation Type well Economics (1) Assumed flat pricing for life of production

14 Total Debt (1)Ascent acquisition closed November 29, 2007 (2)At 12/31/08 (1) Total debt continues to decline compared to year ago levels RAM borrowing base under existing facilities is $288 MM ­Revolver; $137 MM outstanding (2) -Term; $113 MM outstanding (2)

15 Interest Expense Moderates (1)Ascent acquisition closed November 29, 2007 (1) LIBOR based blended interest rate has continued to decline for RAM in concert with recent reduction in Fed Funds Rate

16 Ample Liquidity (1)Ascent acquisition closed November 29, 2007 (2)Margin call deposits for derivative obligations designated in red (3)Litigation escrow restricted cash designated in yellow (4)RAM borrowing base under existing credit facilities is $288 MM; $250 MM outstanding at 12/31/08 (5)Cash and cash equivalents at 12/31/08 equal $0.2 MM (1) (2) Liquidity remains ample at $37.9 MM at December 31, Revolving facility matures in three years -Term facility matures in four years (3)

17 Target – sustain value while focusing on opportunity Large inventory of low risk opportunities capable of rapid returns Stable cash flow base supported by substantial inventory of projects in “mature fields” High degree of operating control and held by production properties; absence of significant term lease issues Proven value creation through both acquisitions and drillbit Management’s substantial ownership of RAM stock supports alignment with shareholder interest Summary of Investment Considerations

RAM Energy Resources, Inc. TM